Egypt In-Focus —Suez signs $3bn green energy deal; IMF revises up growth outlook

Egypt In-Focus —Suez signs $3bn green energy deal; IMF revises up growth outlook

CAIRO: Egypt is setting efforts toward a green economy, as it collaborates with media company CNN to highlight its sustainable development and signs a $3 billion agreement to produce green energy. On another note, the International Monetary Fund revised the north African country’s growth outlook upwards for the current fiscal year to 5.9 percent. Egypt’s Suez Canal Economic Zone has signed a $3 billion agreement to produce up to 350,000 tons of green energy annually in Ain Sokhna to supply ships. The deal is with a consortium that includes France’s EDF Renewables and the Egyptian sovereign wealth fund, according to the country’s Cabinet. Additionally, the Egyptian Ministry of International Cooperation has partnered with CNN to highlight sustainable development, as they collaborate on a new global advertising campaign, it said in a statement. The campaign, Building Forward: Stories from Egypt, comes as part of the North African country’s efforts with bilateral and multilateral development partners and international financial institutions to push an inclusive, digital and green economy. These moves align with Egypt’s hosting of the 2022 United Nations Climate Change Conference, or COP27, in November in Sharm El-Sheikh. Egypt’s government has formed a committee to restrict foreign borrowing “to very narrow